Trump signs order prohibiting Broadcom takeover of Qualcomm

A sign to the campus offices of chip maker Broadcom Ltd, who announced on Monday an unsolicited bid to buy peer Qualcomm Inc for $103 billion, is shown in Irvine, California, U.S., November 6, 2017. REUTERS/Mike Blake

WASHINGTON (Reuters) – U.S. President Donald Trump issued an order on Monday prohibiting Broadcom Ltd’s <AVGO.O> proposed takeover of Qualcomm Inc <QCOM.O> on grounds of national security.

Qualcomm has rebuffed Broadcom’s $117 billion (84.15 billion pounds) takeover offer, which is under investigation by the Committee on Foreign Investment in the United States, a multi-agency panel led by the Treasury Department that reviews national security implications when foreign entities take over U.S. corporations.